Question

Which statement below best describes the relationships between assurance, attestation, and audit?

1) Attestation is a type of assurance service.
2) Attestation services include both audit and assurance services.
3) Assurance is a type of attestation service.
4) Attestation services are a type of audit service.

Answer 1

Option 2, Attestation services include both audit and assurance services, best describes the relationships between assurance, attestation, and audit.

Step-by-step explanation:

The best statement to describe the relationships between assurance, attestation, and audit is option 2: Attestation services include both audit and assurance services.

Assurance refers to the professional service provided by auditors to enhance the reliability of financial information, systems, and processes. Attestation refers to the examination of financial statements or other subject matters by an independent party to provide an opinion on their fairness or compliance. Audit is a specific type of attestation service that focuses on the examination of financial statements and controls to express an opinion on their accuracy and reliability.

Therefore, while attestation is a type of assurance service, it also includes audit services. Audit, on the other hand, specifically pertains to the examination of financial statements and controls.